Maxidresses boost Monsoon's profits

The nation’s love affair with maxi dresses and bohemian style has paid off for Peter Simon, founder of Monsoon, the fashion retailer.

Simon, 60, shared a recession-defying dividend of £14m with his family last year, according to documents filed at Companies House. It was Monsoon’s first dividend payment in five years. Simon founded the company in 1972 on a market stall in London’s Notting Hill selling Indian-inspired dresses.

Earlier this year it reported an eightfold increase in profits, from £3.96m in 2008 to £32.96m in the year to last August 29.

Monsoon plans to open 140 stores in the next 12 months. It already has more than 1,000 outlets — 425 of which are in the UK.